Oil market bulls are wrong to forecast a pick-up in prices — and here’s why

Oil prices are unlikely to reach $60 per barrel anytime soon as hawkish forecasters continue to ignore the “elephant in the room”, a senior economist told CNBC Wednesday.

Daniel Lacalle, chief economist and investment officer at Tressis Gestion, said: “The bulls of the oil market are missing the elephant in the room which is efficiency and technology. It takes away every year — no matter what they say — it takes away estimates of growth of demand in the region of around 500,000 to 600,000 barrels per day.”